First Midwest Bancorp sees 2Q net income increase

ITASCA - First Midwest Bancorp, the holding company of First Midwest Bank, said net income for the second quarter of 2016 increased $7.3 million over the previous quarter.

Net income was $25.3 million, or 31 cents per share, the company said, compared to $18 million, or 23 cents per share, for the first quarter of 2016. The results were up from the second quarter of 2015, which was $22.6 million, or 29 cents per share.

Performance for the second and first quarters of 2016 were affected by acquisition and integration related pretax expenses of $618,000 and $5 million, respectively. Excluding these expenses, earnings per share was 32 cents for the second quarter of 2016 compared to 27 cents for the first quarter of 2016.

"It was an active second quarter, reflecting continued, successful execution on a number of business fronts," said First Midwest Bancorp President and Chief Executive Officer Michael L. Scudder. "Core earnings per share improved by 19 percent to 32 cents as compared to first quarter 2016, benefiting from the full quarter impact of our acquisition of The National Bank and Trust Company of Sycamore as well as organic earning asset and revenue growth and controlled operating expenses.

"Against a backdrop of market volatility and uncertainty, we remain centered on those actions which enhance the value

of our franchise and inure to the long term benefit of our shareholders," Scudder added. "Our pending acquisition of Standard Bank and Trust Company further positions us as a premier market leader in metro Chicago and reinforces

our commitment to relationship based business banking."